Enovix’s (ENVX) “Overweight” Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Enovix (NASDAQ:ENVX) in a research report released on Thursday, Benzinga reports. Cantor Fitzgerald currently has a $30.00 price target on the stock.

Separately, Canaccord Genuity Group reissued a buy rating and issued a $17.00 target price on shares of Enovix in a report on Wednesday, February 21st. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $27.43.

Enovix Price Performance

NASDAQ ENVX opened at $6.46 on Thursday. Enovix has a 12 month low of $5.70 and a 12 month high of $23.90. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15. The stock’s fifty day moving average price is $8.18 and its 200-day moving average price is $10.10.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The firm had revenue of $7.38 million for the quarter, compared to analysts’ expectations of $3.37 million. Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. On average, sell-side analysts expect that Enovix will post -1.13 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the transaction, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 17.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ENVX. Allspring Global Investments Holdings LLC bought a new stake in shares of Enovix during the 3rd quarter valued at about $31,000. Beacon Capital Management LLC grew its position in Enovix by 66.7% during the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after buying an additional 1,000 shares during the period. Carmel Capital Partners LLC bought a new stake in Enovix during the third quarter valued at approximately $34,000. Able Wealth Management LLC purchased a new stake in Enovix during the fourth quarter valued at approximately $34,000. Finally, Quest Partners LLC bought a new position in Enovix in the fourth quarter worth approximately $49,000. Institutional investors own 50.92% of the company’s stock.

About Enovix

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.